Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-06-25
FURRY IN STOCKS.
Wild RumOrs in New York-The Ex.
change Room Barely Saved from a
Money Panic - Manhattan Elevated
Drops Thirty.>iX and Halt Points.

opening up TO 1l.3O. That hour the decline
amounted TO thirty points, and nc cause could
be assigned for the heavy decline, except
with the withdrawal of the support by the
clique in the stock. The rest of the list de-
clined in sympathy.
The fall in the other stocks was cores
pondingy great. The greatest excitement
vas on the loan crowd where many inquiries
were made for loans op call, but parties who
have been prominent in loaning money re-
fused to lend any amount no matter how
small.
By noon half prices had recovered decline.
A rumor got around soon after the exchange
opened that Jay Gould was dead. This un-
doubtedly precipitated matters. The rumor
was quickly contradicted, when matters began
to look more hopeful. The greatest declines,
so far recorded, are Manhattan 401, Missouri
Pacific IL, cotton seed I per cent. Rich
Terminal Il, New England 6. and Lake Erie
and Western 5. The room during the panic
was filed with rumors of all kinds and tele-
grams from all points followed each other.
These came in rapid succession, giving
selling orders and inquiring about many re-
ports which were by this time circulated all
over the country.
The increased short interest saved the room
from money panic by its demand for stocks
for delivery, and S. N. White & Sons and
other large operators entered the market and
began buying freely.
They soon gathered a large following and
buying turned the market almost as rapidly
as it had fallen and stocks took long jumps
back TO their former prices.
| Manhattan recovered 20 per cent. of its
loss, and other stocks recovered generally
about half the decline reported. No failures
were announced as the result of the break,
| but many are feared soon as the delivery
hour approaches.
| II 80 Z M.-At this hour prices have risen
from | to . per cent Missouri Pacific, ch
fell to 80, is now l0l =; Manhattan is now l2S.
The Western Union, winch fell to 6S, has
risen t. Il.
There does not seem to have been any good
reason for the panic and it was solely due 20
bear raid, assisted by false rumors of Jay
Gouds De ath and the embarrassment of a
prominent gentleman.
Could al II 45 sent the following to kier
mans agency:
Your putting out that my Manhattan stock
is in loans, is Il malicious falsehOod; not a
share of my Manhattan is in loans, or has had
my name on the back, nor do | owe dollar
in the world. You should promptly contra
| dict"
Signed, Jay Gould.
Large supporting orders were given all
over the room. In few .3inutes, however
there was a very heavy selling apparent, and
n report was started that there had been a
falling out between Jay Could and Russell
Sage and Cyrus w. Field,
At the same time Berdian offered some
heavy blocks OF Manhattan stock which were
taken by Wight & Company, and in short
period tue sales bv Ber iian amounted to
1000 shares, vnd Wights purchase to IL 900
shares. These sales were made at about l56,
but as soon as Wight and COmpsny's orders
were filled, the price broke TO l495 and at
that point Minghumer & Company had a
stop order reached, and they offered stock
| down to 10 per cent. wlth1ui making a sale.
A rally did not occur until tho price reached
| i20, fall of 361 per cent from the opening
figures.
The room was crowded with brokers, and
| the decline brought out selling orders IN all
classes OF securities. Western Union which
held firm for a while, began to break about
! IL, and IN a quarter of an hour dropped eight
per cent.
| At p. NJ. there was a renewal of heavi-
ness with more activity, but it again disap-
peared and at 2 10 the market was quiet and
| firm.
23O p. Mp to this hour the only fail
stock market was in the consolidated ex
change where 5000 shares of various stocks
were sold for the account of Thomas Murphy
who was unable to respond to the call for
for more margins.
| The stock market showed signs of halt on
the decline before II and after that time the
recovery was soon in progress. In most
cases the greatest part of the losses were re-
covered by 2. NJ.
The Missouri Pacific made the greatest ad-
vance as measured by figures, although it did
not get within per cent of its opening price.
Manhattan on the contrary was persistently
in the neighborhood of its noon price.
With Increasing strength activity dsap-
peared, and by IL NJ. the market has become
as dull as at any time in the past few days
At2 40 P. NJ. when the delivery hour
passed at the exchange without bringing an
nouncemeut of any failures, the street be-
came more confident, and buying orders were
received from all sources. The bears at
tempted to cover at the same time, and the
big operators began to buy, and the conse'
quence was almost all the loss sustained dur
ing the panic of the morning was regained.
Schepp bid for blocks of five thousand shares
at a time, and the Vanderbilt brokers made
bids for as large bids of their specialties.
The trading for the day was the livlies'
that is remembered-whole list having de-
clined and rallied from five to twenty pei
cent.
The feeling is now more confident and 1t Is
generally thought that the losses are widely
scattered throughout the country and are
not confined TO the city as in the previous
psnics.
Money Is still scarce even at the high rate:
charged. and this is considered the worst
feature of the market
Wall street was puzzled today to account
for the fact that such a great decline could
occur without dragging down some OF the bull
houses which have been carrying large line;
of stocks, but this Is explained by the report
that Gould, Field, c. K Vanderbilt and Phil
adelphia capitalists have taken up the stock:
which were in weak hands and relieved the
holders of the necessity of sacrificing them
CYRUS Field, one report said, had taken up
a.. 900 900 of Manhattan stock.
WASHINGTON, June "a.
| Secretary Fairchild said, Friday afternoon,
at | 30. that he had arranged with Assistant
Treasurer Canda, at New York. to keep hin
informed of the condition of affairs in Wal
street, especially if anything serious should
occur hut that so far he had heard nothing
to cause any particular uneasiness.
He said that the nation at this hour DID mo-
seem to require any assistance from the treas
urv. He intimated very plainly that .houic
= nanic seem imminent, he would authorize
iA-.>>.,~~ut of infaPAat due July III. Whlcf